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Green incentives for shipping being finalised, ministry says
September 24, 2020
A series of green incentives rewarding those actively taking steps to support the transition to a zero-carbon future is currently been finalised and will be launched later this year, the deputy shipping ministry announced on Thursday.
The incentives will take the form of a tonnage tax rebate for vessels demonstrating further reductions of the attained Energy Efficiency Design Index or reductions of the total oil consumption in two consecutive reporting periods.
“A long-term strategy for Cyprus is also under development, with the sustainability of the Cyprus flag, maritime cluster, and the wider shipping industry at its core,” the ministry said.